Havilah Resources Limited · ASX:HAV
Havilah Resources — Q3 2025 Earnings Presentation
30 slides from Havilah Resources's earnings presentation, Nov 21, 2025
Slide 1: A sustainable future at sea
A sustainable future at sea www.havgroup.no
Slide 2: A sustainable future at sea
A sustainable future at sea www.havgroup.no
Slide 3: A sustainable future at sea
A sustainable future at sea www.havgroup.no
Slide 4: A sustainable future at sea
A sustainable future at sea www.havgroup.no
Slide 5: A sustainable future at sea
A sustainable future at sea www.havgroup.no
Slide 6: Agenda
Agenda 1. Q3 highlights 2. HAV Group in brief 3. Business segment update 4. Financials 5. Summary and outlook 6. Q&A A sustainable future at sea www.havgroup.no
Slide 7: Q3 2025 Highlights
Q3 2025 HIGHLIGHTS Key developments • Significant revenue and EBITDA improvements vs Q3 2024: • Revenue up 44% to NOK 193.7 million (Q3 2024: 134.8 million) • EBITDA of NOK 1.5 million (-24.8) Operating income EBITDA Cash balance • Fourth quarter in a row with positive EBITDA result • Continued stro
Slide 8: Order intake & backlog
Order intake & backlog Order intake per quarter Order backlog development 300 1400 1322 1267 1288 1266 250 1300 1227 214 215 1200 200 189 171 1100 1000 150 900 100 800 70 700 50 600 0 500 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 NOK 200 million contract to develop SOV for ESVAGT (
Slide 9: HAV Group in brief
HAV Group in brief A sustainable future future at sea www.havgroup.no www.havgroup.no
Slide 10: HAV Group in brief
Headquarters Fosnavåg, Norway Enabling optimized vessel performance, safety and operating costs CEO Gunnar Larsen Employees Value proposition: Improves vessel and cargo owners’ competitiveness by providing advice and 163 optimized solutions throughout a ship’s lifecycle Operating income Q3 2025 NOK
Slide 11: A sustainable future at sea
A sustainable future at sea www.havgroup.no
Slide 12: Our main industry segments
Our main industry segments Offshore wind Oil and gas Ferries and ropax Aquaculture Fishery Short sea cargo A sustainable future at sea www.havgroup.no
Slide 13: Segment information
Segment information A sustainable future future at sea www.havgroup.no www.havgroup.no
Slide 14: Ship design | Q3 highlights
Ship design | Q3 highlights • Richard Schofield appointed managing director of ship design business • Joins latest 1 January 2026 • Still unutilised capacity in ship design business, some employees on temporary leave • Solid progress on ongoing ship design projects, including HAV 595 design – live f
Slide 15: Energy design and smart control systems | Q3 highlights
Energy design and smart control systems | Q3 highlights • Another quarter with solid financial performance – considerable improvement versus Q3 2024 • Selected contract wins in Q3 2025: • Three complete “Raven” integrated navigation systems for three ferries under construction at Tersan Shipyard, Tu
Slide 16: Water treatment systems | Q3 highlights
Water treatment systems | Q3 highlights • New regulations for land-based aquaculture and reopening of license applications announced on 1 July: Disinfection requirement creates market opportunities for water treatment business • Contract to deliver five container-based water purification systems to
Slide 17: Hydrogen-based energy systems | Q3 highlights
Hydrogen-based energy systems | Q3 highlights • Cost activity levels reduced in HAV Hydrogen, as earlier communicated • Responsibility for maintenance of technology and expertise has been transferred to HAV Group’s ship design business • Sales of ZEPOD® and other technology is licenced to HAV Group’
Slide 18: Order backlog: segment breakdown
Order backlog: segment breakdown 1 200 1 055 1 000 958 18 800 600 Q3 2024 Q3 2025 400 368 1266 200 142 86 39 External Internal 0 Ship design Energy design & smart Water treatment control systems A sustainable future at sea www.havgroup.no
Slide 19: Financials
Financials A sustainable future future at sea www.havgroup.no www.havgroup.no
Slide 20: Revenue and EBITDA
Revenue and EBITDA Revenue EBITDA 350 20 303,9 15 300 10 7,7 250 4,1 5 1,5 0,4 193,3 193,7 0 200 -5 147,9 150 134,8 -10 100 -15 -20 50 -25 -24,8 0 -30 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 A sustainable future at sea www.havgroup.no
Slide 21: Revenue and EBITDA
Revenue and EBITDA Revenue EBITDA 10 7,7 350 303,9 5 4,1 300 1,5 0,4 0 250 -5 193,3 193,7 200 -10 147,9 150 134,8 -15 100 -20 50 -25 -24,8 0 -30 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 1 2 3 4 5 A sustainable future at sea www.havgroup.no
Slide 22: Q3 2025 key financials
Q3 2025 key financials NOKm Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Comments • High activity level in quarter Unaudited Unaudited Unaudited Unaudited Audited Operating income 193.7 134.8 535.0 455.1 759.0 • Considerably improved EBITDA and net profit compared to Q3 last year EBITDA 1.5 -24.8 6.1 -42.
Slide 23: Segment financials
Ship design Water treatment systems NOKm Q3 2025 Q3 2024 2024 NOKm Q3 2025 Q3 2024 2024 Operating income 24.3 55.7 334.9 Operating income 23.4 22.9 97.7 EBITDA -8.1 -1.6 7.9 EBITDA -0.4 -2.2 0.3 Profit before tax -8.6 -0.4 9.8 Profit before tax -3.9 -3.7 7.7 Energy design & smart Hydrogen-based cont
Slide 24: Q3 2025 balance sheet
Q3 2025 balance sheet NOKm Q3 2025 2024 NOKm Q3 2025 2024 Comments unaudited audited unaudited audited Assets: Non-current assets Total equity 82.1 86.5 Total intangible assets 80.0 85.1 • Total receivables increased by NOK 67.0 million from Total tangible fixed assets 10.9 11.0 start of year Liabil
Slide 25: Q3 2025 cash flow statement
Q3 2025 cash flow statement NOKm Q3 2025 Q3 2024 2024 Comments Q3 2025 (NOKm) Unaudited Unaudited Audited Negative cash flow from operations • Advance payment from customers -59.0 Net cash flow from Operating activities -16.0 -30.4 100.0 • Net payable/receivable changes +37.0 • Other + 6 Net cash fl
Slide 26: Summary and market outlook
Summary and market outlook A sustainable future future at sea www.havgroup.no www.havgroup.no
Slide 27: Summary
Summary Continued strong performance Fourth quarter in a row with New orders for NOK 171 million Financial performance in ship by energy and smart control positive EBITDA result signed in Q3 2025 design and water treatment systems segment businesses still below expectations Solid improvement versus
Slide 28: Outlook
Outlook • Global megatrends: The green transition, stricter regulations, and increasing competition continue to shape the maritime industry. HAV Group is well positioned to address these challenges with technology that enhances vessel operations, profitability, and environmental performance. • Marke
Slide 29: A sustainable future at sea
A sustainable future at sea www.havgroup.no
Slide 30: A sustainable future at sea
A sustainable future at sea www.havgroup.no